Proposes amendment to Oregon Constitution establishing Oregon Fund.

Sets conditions for appropriation of moneys in fund. Limits amount of appropriations that may be made from fund during biennium. Limits amount that may be deposited in fund. Transfers excess to school capital matching fund.
Limits amount of excess personal income tax revenues returned to personal income taxpayers to $500 per taxpayer. Transfers any remainder of excess to Oregon Fund.
Refers proposed amendment to people for their approval or rejection at next regular general election.